Search Is On For Alternatives As Energy Growth Flags

November 2007 | Economic Alert

We are holding tight to our 4.8% real GDP growth forecast for Algeria in 2007, against a government target of 5.2%, as the country struggles to cut its reliance on its ageing hydrocarbons sector. Our view is shared by the International Monetary Fund (IMF), which recently highlighted the effect of slowing growth in the energy sector on GDP. According to the IMF, non-hydrocarbon growth is likely to reach 6% in 2007, but will be partially offset by declining growth in the key oil and gas sectors, leading to overall GDP growth of just under 5%.

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